RECOVERY WATCH: Russian Billionaires Gobbling Up Art Again

Auction houses in London start selling as much as 55 million pounds ($90 million) of Russian art today, hoping that spending by billionaires will help the market further recover after a year of decline.

Sotheby’s sells 19th-century and early 20th-century paintings this evening, followed by another sale tomorrow. Christie’s International holds auctions on Dec. 1, 2 and 3. MacDougall’s, an auction house specializing in Russian art, has sales on Dec. 2 and 3. Bonhams also holds a 168-lot sale today.

In a sign that wealthy Russians are returning to the market, Sotheby’s in New York sold $13.8 million of Russian art on Nov. 2, beating the top presale estimate of $9 million. The Russian government forecasts some economic growth in 2010, after the country’s economy shrank about 10 per cent in 2009’S first half as prices declined for commodities such as oil.

Keep reading >

See Also: Roman Abramovich’s Amazing Stuff

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.